In June, iLending president Nick Goraczkowski discussed the prospects for auto refinancing, saying: “We’re seeing pockets of strength that are creating opportunity but also reinforcing how quickly conditions can change.”

A dramatic change, at least for iLending, arrived on Thursday as the company said on its website that it had suspended refinancing loans for new customers.

Goraczkowski elaborated about the situation through social media.

“As iLending completes a successful M&A transaction and winds down its operations, I’m filled with a mix of pride, gratitude, sadness, and deep appreciation for the people who made this journey what it was,” he said via LinkedIn.

“When I think back over almost 15 years, I don’t immediately think about the loans we funded, the revenue we generated, the records we broke, the industry we changed, or the challenges we fought through. I think about the people. I think about the thousands of families we helped along the way. Customers who lowered their payments, kept more money in their pockets, and had a little more breathing room because of the work we did,” continued Goraczkowski, who became the company president in July 2023.

The company generated an upward trajectory. After hitting the $1 billion mark in September 2018 and $2 billion in July 2021, iLending said it had surpassed $3 billion in refinanced contracts in September 2022.

That year also included the raising of $35 million to fuel its refinancing efforts, bolstering its workforce and infrastructure in South Carolina and launching a brand refresh and new logo designed to highlight its mission of “paying goodness forward by empowering consumers.” That’s when company became known as iLending.

When previously operating as iLendingDIRECT with Nancy Fitzgerald and Tom Holgate in leadership positions in 2021, New York-based private investment firm J.C. Flowers & Co. signed a definitive agreement to make a majority investment in the company.

“J.C. Flowers invests in niche financial services companies with strong potential. We were attracted to iLending by its strong growth, solid operational foundation, and its commitment and agility in meeting the needs of both consumers and lending partners under Nancy and Tom’s leadership,” J.C. Flowers managing director Tom Harding said at the time.

“We expect demand for auto refinancing to remain strong as savvy consumers continue to look for ways to save money. We are excited to work with Nancy, Tom and the iLending team to grow the business to take advantage of the expected strong demand,” Harding continued.

There certainly was industry demand for a stretch.

According to Experian’s State of the Automotive Finance Market Report: Q1 2026, the industry has generated at least 111,000 refinanced contracts during each of the past five quarters.

Based on Experian tracking, credit unions are doing most of the refinancing, with 63.43% of the Q1 volume being completed by those institutions. Experian added that credit unions have booked at least 60% of the refinancing volume during each of the past five quarters.

Banks have completed at least 20% of the refinancing volumes during each of the past nine quarters, Experian reported.

“Lender appetite has improved entering 2026, particularly for borrowers with strong credit profiles and consistent payment histories. However, underwriting standards remain disciplined, with heightened emphasis on credit quality and loan performance metrics,” iLending said this summer.

“Opportunities remain strongest for borrowers who have improved their credit, maintained stability, and can demonstrate responsible payment behavior. Lenders continue to introduce targeted programs focused on payment flexibility and affordability,” iLending went on to say.

While auto refinancing might continue, iLending apparently won’t be in the mix.

“To everyone who was ever part of the iLending story, whether for a few months or more than a decade, you helped build this,” Goraczkowski said via social media. “The auto refinance world would not be what it is today without all of you. I believe that deeply. We helped move this industry forward, opened doors for consumers and lenders, and proved there was a better way to do this business.

“Companies come and go. Careers change. Doors close and new ones open. But people remember who showed up, who helped them, who believed in them, and who stood beside them when things got hard. That is what I’ll carry with me,” he went on to say.